Thursday, March 23, 2006

Wanted: Money Tree

Actually, the title should read Needed: Money Tree since Mrs. RS and I are about to hemmorage money over the next few months. We have a few large expenses that we need to take care of now that it is springtime.

The first upcoming expense is our ridiculously huge tax bill. I have mentioned before that we somehow owe $6000 to the government, so that is a big chunk of change gone right there.

Up next, we have a couple of home expenses. One expense is the is 2 panty cabinets that we would like to get to finish off our kitchen. One each side of the room, we have about two and a half feet that is just empty space. We would like to fill that space up with matching cabinets on each end. This will give us more cabinet space and it will give a more finished look to our kitchen. This obviously is not something that we need to do, but something that we would like to do. The other factor here is that our neighbor is looking to do something similar so we are are hoping to get a little discount there.

Then we have what is turning into the largest expense at this point...landscaping. Since we just bought a new house, we need a lawn and a retaining wall at the very least. Our budget for this work is about $5000 and we (my neighbor and I) are currently in the process of getting estimates for this work. Maybe we will have to look into having a money tree planted when they do this work. That would really help us out. I will have another post about how the landscaping job is working out for us.

Our last major expense is our property and school taxes at the new house. Our first tax bill was relatively low because we were just being taxed on our land, they had no reassesed the property yet with our house on it. So, when we pay our mortgage, we are only paying about $100 a month towards our escrow account to take care of taxes. However, we know that the next tax bill that we will get is going to be closer to $10,000. Since we are not paying for that with our mortgage payments, we have to save that money on the side ourselves.

For those keeping score, the total could be:
$6000 + $1500 + $5000 + $10000
For a grand total of $22,500 that we could be spending over the next year. Looks like some of that may have to wait just a bit, since we don't have that kind of money just laying around. This is just another tick mark on the side of renting for those that are keeping track. Owning a house if very expensive.

5 Comments:

Anonymous Anonymous said...

As far as I know, IBM will distribute annual bonus in the end of March, which will ease your burden a little bit

3/24/2006 6:31 PM  
Blogger 2million said...

Wow - remind me of this if IBM ever tries to move me to NY. You need to move to Raleigh - you tax bill might be $2,500 or less for your house size.

3/27/2006 10:51 AM  
Blogger RS said...

Yeah, those bonus checks are going directly to the government already.

Try not to rub it in 2M...we have been throwing around the idea of moving, but it is tough with all our family up here. I actually know someone that just moved from here down to Raleigh and he rubs it in pretty much everyday how great it is down there (weather-wise and money-wise).

3/27/2006 2:59 PM  
Blogger 2million said...

haha - sorry about that. I'll try and hold back next time.

3/30/2006 3:34 PM  
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